HSBC eyes bigger share of Bocom
26 August 2005
HSBC is considering doubling its stake in Bank of Communications (Bocom) to about 40% provided it can negotiate a change in state restrictions that currently limit foreign investment in banks to 20%, state media reported. The global banking giant wants to use Bocom, which raised US$2.2 billion though an initial public offering in Hong Kong in June, to spearhead its investment in China. HSBC also owns 8% of Bank of Shanghai.
